Water Intelligence Q1 revenue and profits show continued growth
Leak detection and remediation firm Water Intelligence said on Thursday that it had seen continued growth in revenues and profits during the first quarter, putting it comfortably in-line with expectations.
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Water Intelligence said first-quarter revenues were up 15% to $8.3m, while pre-tax profits were 35% firmer at $700,000.
American royalty payments came in 4% higher at $1.8m and franchise-related activity sales grew 11% to $2.1m.
Given the onset of the Covid-19 crisis during the first quarter, Water Intelligence said it had shown "strong execution" and remained on track to deploy a new proprietary sewer diagnostic product during the crisis.
Chief executive Dr Patrick DeSouza said: "Global market demand for solutions to water loss from leakage and to health issues from failing wastewater infrastructure is strong and continues to grow.
"The Covid-19 crisis only underscores the on-going need for 'essential' products and services related to water and wastewater."
As of 1140 BST, Water Intelligence shares were up 6.08% at 279p.